Mortgage

Best Mortgage Lenders Of January 2022

Best Mortgage Lenders Of January 2022
Written by Publishing Team

Editor’s Note: Bank Score considers only the mortgage lender’s products and services; It is not a reflection of the internal operations or practices of the lender. We are constantly evaluating each lender we review to ensure that the bank’s rate score is consistent with this methodology. If you would like to consider other lenders, visit the Bankrate Lender Review Center.

To determine the best mortgage lenders, Bankrate evaluated over 80 lenders for factors related to affordability, availability, and customer experience, with each assigning a five-star bank score. Based on this methodology, the best mortgage lenders generally receive a banking score of 4.9 stars or higher. Here are the best mortgage lenders for January 2022.

Best Mortgage Lenders

Better.com

Better.com Mortgage Review

Available in 49 US states (not available in NV) Conventional, Jumbo, FHA 620 for conventional loans Connected
  • Without fees
  • It can close as quickly as three weeks
  • No VA or USDA loans
  • No Home Equity Lines of Credit (HELOCs) or Home Equity Loans (Second Mortgages)

Direct Home Lending

Direct Mortgage Review

Available in AZ, CA, CO, FL, OR, PA and WA Conventional, Jumbo, FHA, Virginia 620 for conventional loans; 680 for mega loans; 600 for FHA and FHA loans Branch websites and online
  • It can close as fast as two weeks
  • No loans from the USDA
  • No HELOCs or Home Equity Loans

Marine Credit Union Mortgage Review

Available in all states of the United States Traditional, jumbo, Virginia 620 for Conventional Loans and VA Loans Branch websites and online
  • Can shut down as fast as 30 to 35 days
  • No FHA or USDA loans
  • No HELOCs or Home Equity Loans
  • Restricted to members of the armed forces and families

Veterans United Home Loans

Veterans United Mortgage Review

Available in all states of the United States Conventional, Jumbo, FHA, VA, USDA 620 for Conventional Loans and VA Loans Branch websites and online
  • Can shut down as fast as 30 to 45 days
  • No HELOCs or Home Equity Loans

bank ally

Ally Bank Mortgage Review

Available in 43 US states (not available in AK, HI, MA, NH, NV, NY or VA) jumbo traditional 620 for conventional loans; 700 for huge loans Connected
  • Without fees
  • Can shut down as fast as 25 to 45 days
  • No FHA, FHA, or USDA loans
  • No HELOCs or Home Equity Loans

American bank

Bank of America Mortgage Review

Available in all states of the United States Conventional, Jumbo, FHA, Virginia 620 for conventional loans; 680 for jumbo loans Branch websites and online
  • Can shut down as fast as 30 to 45 days
  • No loans from the USDA
  • Hilux Offers

eClick Lending

eClick Lending Mortgage Review

Available in 48 US states (not available in the Northeastern US or New York) Conventional, Jumbo, FHA, VA, USDA 620 for conventional loans Connected
  • It can close as fast as two weeks
  • No HELOCs or Home Equity Loans

First Midwest Bank

First Midwest Bank Mortgage Review

Available in 46 US states (not available in AK, HI, MD, and NJ) Conventional, Jumbo, FHA, VA, USDA 620 for conventional loans Branch websites and online
  • It can close as quickly as three weeks
  • Offers HELOCs and Home Equity Loans

LowRates.com

LowRates.com Mortgage Review

Available in 48 US states (not available in GA or MA) Conventional, Jumbo, FHA, VA, USDA 620 for conventional and jumbo loans; 500 for FHA Loans and FHA Connected
  • Without fees
  • Can shut down as fast as 20 days
  • Offers HELOCs and Home Equity Loans

Mortgage at Wyndham Capital

Wyndham Capital Mortgage Review

Available in 47 US states (not available in HI, MA, or NY) Conventional, Jumbo, FHA, VA, USDA 620 for conventional loans Connected
  • Without fees
  • Can shut down as fast as 20 days
  • Provides home purchase loans

How to compare mortgage lenders

Your first step to finding the best mortgage lender is to compare the shop. Borrowers who do more up front research tend to save more money than those who deal with the first lender they find. It’s best to get quotes from at least three lenders, so you know your options based on your credit and financial situation. Since prices fluctuate frequently, it is best to get these rates on the same day so you have an accurate basis for comparison.

When you compare loan estimates, look at the APR (annual percentage rate) and the interest rate quoted by each lender. Consider what is important to you as well as experience. For some, the speed with which the lender can turn around the pre-approval letter or close the loan is critical. If you have specific needs – for example, you want to get an FHA loan – you may also want to look for the best mortgage lenders that specialize in these products.

Once you have identified your needs and preferences, start comparing mortgage rates and finding a lender in your area through Bankrate.

Current Mortgage Rates

For buying, the average 30-year fixed rate is currently 3.560% based on Bankrite’s latest survey of the lender, while the average 15-year fixed rate is currently 2.890%. The average 30-year fixed refinancing rate is currently 3.530% and the average 15-year fixed refinancing rate is 2,800%.

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Publishing Team

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